When it comes to pro-growth reform in Europe, there is no magic bullet: There can be no centralization, and coordination always risks becoming murky. But a more decentralized, incentive-based policy regime would be a good start.
PARIS – The topics chosen by the European Central Bank for its annual forum in Sintra, Portugal, at the end of May were not deflation, quantitative easing, or financial stability. They were unemployment, productivity, and pro-growth reforms. ECB President Mario Draghi explained why in his introductory speech: The eurozone lacks both growth momentum and resilience to adverse shocks.
PARIS – The topics chosen by the European Central Bank for its annual forum in Sintra, Portugal, at the end of May were not deflation, quantitative easing, or financial stability. They were unemployment, productivity, and pro-growth reforms. ECB President Mario Draghi explained why in his introductory speech: The eurozone lacks both growth momentum and resilience to adverse shocks.